X Company purchased land for cash from Y Company. Based on this information alone, the number of reporting entities is ______.

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asked Dec 13, 2021 171k views

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Sulphy · Answer 1 · 2021-12-17T18:42:08+0000

Answer:

2 (two)

Step-by-step explanation:

Company X and Company Y are known as reporting entities because they have to prepare financial statements based on their transactions. Company X is the buyer and Company Y is the Seller.

X Company purchased land for cash from Y Company. Based on this information alone, the number of reporting entities is ______.

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